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last night republicans reluctantly passed the billaverting the fiscal disaster. >> president obama praised the deal and returned to his hawaiian vacation. >> reporter: they finally got it done. congress ended the long drama over the fiscal cliff with house republicans reluctantly passing the senate's bill. >> i will sign the law that lays the taxes on the final 2% of the americans and preventing a middle class tax hike that could have sent the country into recession. >> reporter: house republicans didn't want to raise taxes without cuts in government spending. >> there's no spending cuts. we are adding 4 billion dollars to the debt and we feel like that the senate bill failed miserablely. >> reporter: house republicans decided not to drag out the fight any longer and risk potentially taking the blame for massive tax hikes on every american worker. >> what's the alternative? allow 4 trillion dollars worth of tax hikes to hit the american people market uncertain? >> reporter: the bill shields people earning less than 400,000 a year from tax increases and extends unemployment benefits for 2 m
last night republicans reluctantly passed the billaverting the fiscal disaster. >> president obama praised the deal and returned to his hawaiian vacation. >> reporter: they finally got it done. congress ended the long drama over the fiscal cliff with house republicans reluctantly passing the senate's bill. >> i will sign the law that lays the taxes on the final 2% of the americans and preventing a middle class tax hike that could have sent the country into recession. >>...
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Jan 2, 2013
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to over the fiscal cliff.but for & night... theehoose approved &pmeasure passed earliir n the day....by the ssnatt. it day.aises taxes on individuals &pearninggmore than 400-thoosan a year... and couples earning more than 450--housand dolllrs unemployment benefits. prrsideet obama praised lawmakers for reaccing an &pagreement that prottcts tte middle class. thanks to the votes of democrats and republicans in &pcoogress, i will sign aalaw that raises taxes on the cllssstax hike thht could have recession and obvvously had a severe impact on families all america.merica. middle claas amerrians will still take a financcal hit n po pay higher income taxes... they will have to pay at least 2-percent more in payroll taxes. thaa means most of the coontry's 160 illion workers will see smaller paychecks thiss the house of reppeeentatives wrapppd up this session wwthout considering the legislation.... authorizing assistance for uperstorm sandy victtms. the senate had alrrady passed the 60-poinn-four-billion dollar easure... but because new
to over the fiscal cliff.but for & night... theehoose approved &pmeasure passed earliir n the day....by the ssnatt. it day.aises taxes on individuals &pearninggmore than 400-thoosan a year... and couples earning more than 450--housand dolllrs unemployment benefits. prrsideet obama praised lawmakers for reaccing an &pagreement that prottcts tte middle class. thanks to the votes of democrats and republicans in &pcoogress, i will sign aalaw that raises taxes on the cllssstax...
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Jan 2, 2013
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WBAL
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. >> tracie potts has a breakdown of what congress agreed to on capitol hill. >> good morning. a very late vote last night but in time for millions of americans who wondered if their taxes would go up this year. >> the house stands adjourned until 10:00 p.m. for morning our debates. >> lawmakers left capitol hill after finally avoiding the fiscal cliff. >> at some point you strike a balance. >> 257 democrats and republicans voting for a bill to keep the alternative minimum tax from hitting working families and prevent tax hikes for 98% of americans. tax rates will go up for couples making more than $450,000. democrats gave in on that. republicans won a victory -- the estate tax threshold is over $5 million. >> tax relief has been achieved. now is the time for the president to work with congress to address the government overspending. >> and the debt ceiling. before leaving for a whole lot president obama urged congress to raise it. >> we can't not pay bills that we have already incurred. the consequences for the global economy would be catastrophic. >> no word when the presiden
. >> tracie potts has a breakdown of what congress agreed to on capitol hill. >> good morning. a very late vote last night but in time for millions of americans who wondered if their taxes would go up this year. >> the house stands adjourned until 10:00 p.m. for morning our debates. >> lawmakers left capitol hill after finally avoiding the fiscal cliff. >> at some point you strike a balance. >> 257 democrats and republicans voting for a bill to keep the...
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Jan 2, 2013
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disappointment.late tuesday night... the house approved a measure ppssed earlier in the day... by the senate. it raises taxes on individuals earning mooe than 00-ttousand a year..it also extends d dolla unemployment eeeffts. &plawwakers for eaching an agreeeent that proteets tte middle class. thankssto the votee of democrats and republicans in congress, i will sign a law that raises taxxs n the wealttiest % of americans sent the economy back into ave 3 recession and obviousll haa a severe impact n families all across america. hit in 20-13. while they won't have to pay higger income taxes... thee will have to pay of the ccuntry's 160 million wwrkers will see smalllr paychecks this year. &pthe oose of representatives wrapped up this sessson without considering the sandy ictiis. authorizing phe ssnate had already ppssed the 60-point-four-billion doolar measure... but because new llwmakers will be sworn in tomooroow.. the entire legislative process will have to start over. republican leaders saa the fissal cliff maryland leaders are come uu with wayystt eep parylanders safer.the ma
disappointment.late tuesday night... the house approved a measure ppssed earlier in the day... by the senate. it raises taxes on individuals earning mooe than 00-ttousand a year..it also extends d dolla unemployment eeeffts. &plawwakers for eaching an agreeeent that proteets tte middle class. thankssto the votee of democrats and republicans in congress, i will sign a law that raises taxxs n the wealttiest % of americans sent the economy back into ave 3 recession and obviousll haa a severe...
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Jan 2, 2013
01/13
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WMAR
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shame on congress. >> lawmakers expected a vote on the sandy aid bill late last night after the fiscal cliff deal passed but in a surprise move, boehner pulled the bill. boehner assures lawmakers a vote on sandy aid will happen by january 15th. >>> stress, you know, it's a normal part of our lives but how you hand tell can have a real impact on your health. being constantly stressed out can aid you. in fact, it's the greatest ager of all. chronic stress can do serious damage to you. >> in the short term it increases cortisol and other hormone levels. in other cases it depletes them. it's the delesion, having the chronic stress is aging. it increases our risk for cancers. it increases our risk of inflammation. the plaque rupture which causes heart disease, stroke, memory also and increases our risk of accidents. >> there's no way to avoid stress but how you manage it make as big difference. deep breathing, medication and having a good circle of friends for support is helpful. >>> if dropping extra pounds tops your list of resolutions this year, there are ways to boost your metabolism wi
shame on congress. >> lawmakers expected a vote on the sandy aid bill late last night after the fiscal cliff deal passed but in a surprise move, boehner pulled the bill. boehner assures lawmakers a vote on sandy aid will happen by january 15th. >>> stress, you know, it's a normal part of our lives but how you hand tell can have a real impact on your health. being constantly stressed out can aid you. in fact, it's the greatest ager of all. chronic stress can do serious damage to...
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Jan 2, 2013
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WMAR
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shame on congress. >> reporter: lawmakers expected a vote on the sandy aid bill late last night after the fiscal cliff deal passed but in a surprise move, house speaker john boehner pulled the bill. it would not -- the reaction was swift and angry. >> the ayes have it. the house stands adjourned until 10 a.m. tomorrow morning. >> reporter: the senate passed a measure that with provide $60 million and many said the provides tag was too high. >> there raise been no substantive reason given for the action. >> reporter: the timing is key. if the house doesn't vote on the senate-passed measure, lawmakers have to start from scratch because the new members cannot take up a bill from the old congress. that means the much needed i'd could be delayed for several weeks. >> we need to rebuild now. we need to act now. we can't wait for the next congress. >> reporter: speaker boehner told republicans there will ab vote friday and the rest by january 15th. >> congressman peter king said the speaker of the house john boehner promised aid to victims will be coming up january 15 and there's a scheduled
shame on congress. >> reporter: lawmakers expected a vote on the sandy aid bill late last night after the fiscal cliff deal passed but in a surprise move, house speaker john boehner pulled the bill. it would not -- the reaction was swift and angry. >> the ayes have it. the house stands adjourned until 10 a.m. tomorrow morning. >> reporter: the senate passed a measure that with provide $60 million and many said the provides tag was too high. >> there raise been no...
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Jan 2, 2013
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WUSA
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the house came within hours of when the republican governor ripped the republican controlled congress and specifically house speaker john boehner for failing to vote before adjourning late last night on the sandy relief bill. >> we respond to innocent victims of natural disasters not as republicans or democrats, but as americans. or at least we did until last night. last night politics was placed before our oath to serve our citizens. for me it was disappointing and disgusting to watch. >> now a vote on the remaining $51 billion in the aid package will happen january 15th. lawmakers from new york, new jersey and elsewhere including a lot of republicans say they are satisfied eventually this aid will be forthcoming. >>> breaking news on secretary of state hillary clinton, good news. this is video shot just a short time ago of mrs. clinton leaving new york presbyterian hospital with her husband, former president bill clinton. secretary clinton had been hospitalized since sunday after doctors discovered a blood clot behind her right ear during a followup exam for a concussion she suffere
the house came within hours of when the republican governor ripped the republican controlled congress and specifically house speaker john boehner for failing to vote before adjourning late last night on the sandy relief bill. >> we respond to innocent victims of natural disasters not as republicans or democrats, but as americans. or at least we did until last night. last night politics was placed before our oath to serve our citizens. for me it was disappointing and disgusting to watch....
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Jan 2, 2013
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this got done last night, 24 hours late but it got done. is congress dysfunctional? >> well, it's a very bumpy messy process. unless the speaker allows votes to happen like he did last night where he doesn't establish this rule that you have to have the majority of republicans in favor of something in the house, then it is going to be really hard to move forward with the people's business. but if the speaker does going forward, what he allowed to happen last night is just allow. it's not the republicans house or the democrats house. let the house vote. more republicans voting for something and fewer democrats. sometimes like last night, two democrats to every republicans voting for it. but the problem is the house republicans and this has been stated by nonpartisan. the house republicans are unwilling to compromise. a lot think compromise is a dirty word. they go back to districts and say they want things 100% their way. when you have divided government, one in control of congress, the only thing that stands in the way of divided government and dysfunctional governme
this got done last night, 24 hours late but it got done. is congress dysfunctional? >> well, it's a very bumpy messy process. unless the speaker allows votes to happen like he did last night where he doesn't establish this rule that you have to have the majority of republicans in favor of something in the house, then it is going to be really hard to move forward with the people's business. but if the speaker does going forward, what he allowed to happen last night is just allow. it's not...
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Jan 2, 2013
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congress didn't make its deadline but the deal is enough to bring us back from the fiscal cliff. the house passed the senate's bill late last night. >> but the compromise does not resolve all the issues related to tax hikes and spending cuts. plenty to decide still. surae chinn is live on capitol hill. she has the latest on where we stand now. good morning, surae. >> reporter: good morning to both of you. the bill still needs the president's signature which is expected later on today. the president boarded air force one to head back to hawaii to finish his vacation with his family where he's expected to sign this bill into law. but this does really set up more showdowns in the future and in the coming months. the late night deal that was voted by the house late last night around 11:00 raises taxes on the wealthiest americans, including families earning $450,000 a year. but even democratic congressman jim moran voted down the belt because it sets up more fiscal showdowns, including having to debate raising the $16.4 trillion federal borrowing limit so the government can keep payin
congress didn't make its deadline but the deal is enough to bring us back from the fiscal cliff. the house passed the senate's bill late last night. >> but the compromise does not resolve all the issues related to tax hikes and spending cuts. plenty to decide still. surae chinn is live on capitol hill. she has the latest on where we stand now. good morning, surae. >> reporter: good morning to both of you. the bill still needs the president's signature which is expected later on...
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Jan 2, 2013
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WBAL
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. >> tracie potts has a breakdown of what congress agreed to. >> good morning. a very late vote last night but runtime for millions of americans who wondered if their taxes would go what this year. >> lawmakers left capitol hill after finally avoiding the fiscal cliff. >> some point you strike a balance. >> 257 democrats and republicans voting for a bill to keep the alternative minimum tax from hitting working families and prevent tax hikes for 98% of americans. tax rates will go up for couples making more than $450,000. the estate tax threshold is over $5 million. >> tax relief has been achieved. now is a time for the president to work with congress to address the government overspending. >> and the debt ceiling. president obama urged congress to raise it. >> we cannot not pay bills that we have already incurred. the consequences for the global economy would be catastrophic. >> no word when the president will sign the new bill. it was just in time for nervous investors as markets reopen this morning. tracie potts, wbal-tv 11 news. >> police are investigating tw
. >> tracie potts has a breakdown of what congress agreed to. >> good morning. a very late vote last night but runtime for millions of americans who wondered if their taxes would go what this year. >> lawmakers left capitol hill after finally avoiding the fiscal cliff. >> some point you strike a balance. >> 257 democrats and republicans voting for a bill to keep the alternative minimum tax from hitting working families and prevent tax hikes for 98% of americans....
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Jan 2, 2013
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WJLA
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the house gave final approval for a bill late tuesday night. >> president obama thanked congress and asked that future negotiations not involve much trauma. --drama. >> they finally got it done. congress and the along from all over the fiscal cliff, with house republicans reluctantly passing the senate bill. >> i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle-class tax hike that could have sent the economy back into recession. >> it appears the bill was headed for defeat. house republicans did not want to raise taxes without significant cuts in government spending. >> there are no spending cuts. we are adding $4 billion a day to the debt and we fell ilk -- feel like the senate bill failed miserably. >> they decided not to drag out the fight in the longer and risks taking the blame for massive tax hikes for nearly a met -- for nearly every american worker. >> what is the alternative? >> the bill shields those earning less than $400,000 a year from tax increases and extend unemployment benefits. it does not raise the so-called app ceiling.
the house gave final approval for a bill late tuesday night. >> president obama thanked congress and asked that future negotiations not involve much trauma. --drama. >> they finally got it done. congress and the along from all over the fiscal cliff, with house republicans reluctantly passing the senate bill. >> i will sign a law that raises taxes on the wealthiest 2% of americans while preventing a middle-class tax hike that could have sent the economy back into recession....
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last night congress just added $70 billion worth of new loopholes. >> mason: extraordinary. thanks, wyatt. wall street was not very concerned about what was in the deal, it was just happy there was a deal. on this first day of trading of the new year, the dow soared more than 300 points. but moody's warned today that if washington fails to take more action to cut the deficit, america's stellar credit rating will be at risk. secretary of state hillary clinton was released today from a new york hospital where she was being treated for a blood clot in her head. the secretary left in a motorcade with former president bill clinton and their daughter chelsea. margaret brennan is at new york presbyterian hospital. margaret? >> reporter: anthony, secretary clinton was just discharged from the hospital. her car pulled away just moments ago and her spokesperson released this statement saying: "her medical team advised her she is making good progress on all fronts and they are confident she will make a full recovery." earlier today, secretary clinton made her first public appearance in
last night congress just added $70 billion worth of new loopholes. >> mason: extraordinary. thanks, wyatt. wall street was not very concerned about what was in the deal, it was just happy there was a deal. on this first day of trading of the new year, the dow soared more than 300 points. but moody's warned today that if washington fails to take more action to cut the deficit, america's stellar credit rating will be at risk. secretary of state hillary clinton was released today from a new...
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we'll look back at this night and regret it. >>it's frustrating to see the people go through the tough times and congress is not getting its job done. >> at least they're doing something. better than nothing. >> reporter: on capitol hill, surae chinn, 9news. >>> the bill includes an extension of unemployment benefits for about two million americans. the bill does not include the payroll tax cut. so workers will be paying about 2% more in social security taxes and that means a smaller paycheck each month. >>> the first same-sex marriages were performed at the montgomery county courthouse this morning. yesterday marked the first day that gay marriages were legal in the state of maryland. and among the first to tie the knot, a couple who got married at the black walnut-point inn on tillman ie -- on tilghman island. they stayed awhile to cheer on other couples. >> it was so quick to be such a ruckus through society and everything -- voting and everything. why was that such a big deal. >> this was truly a gift to us to see them being
we'll look back at this night and regret it. >>it's frustrating to see the people go through the tough times and congress is not getting its job done. >> at least they're doing something. better than nothing. >> reporter: on capitol hill, surae chinn, 9news. >>> the bill includes an extension of unemployment benefits for about two million americans. the bill does not include the payroll tax cut. so workers will be paying about 2% more in social security taxes and that...
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Jan 2, 2013
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that gave president obama reason to make a rare late-night stop in the briefing room. >> under this law, more than 98% of americans and 97% of small businesses will not see their income taxes go up. >> reporter: the president quickly turned from thanking congress to calling them out over raising the country's borrowing limit, the debt ceiling, necessary within weeks. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >> reporter: many in both parties remain frustrated that the fiscal cliff deal does not cut the deficit. >> i severely regret that this is not a big, bold, balanced plan. >> reporter: and that will be the next washington drama. >> we also need to address the fundame fundamental causes of our debts and deficits and that's out-of-control spending. >> reporter: columnist david brooks criticized congress for setting up fights by avoiding hard decisions. far from laying the groundwork for future cooperation, it sentences the country to another few years of bud
that gave president obama reason to make a rare late-night stop in the briefing room. >> under this law, more than 98% of americans and 97% of small businesses will not see their income taxes go up. >> reporter: the president quickly turned from thanking congress to calling them out over raising the country's borrowing limit, the debt ceiling, necessary within weeks. >> while i will negotiate over many things, i will not have another debate with this congress over whether or...
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. >> republicans in congress brought the house to a new low last night. >>gregg: it is really bad. new york republican congressman peter king, whom you just heard, says house of representatives speaker boehner and house majority leader are not on speaking terms but both aides down play the divide. the two are scheduled to meet with members of the new york and new jersey delegation on sandy aid. congressman cantor says he will be there. moments ago, shannon, new jersey republican governor christie talked about it. he is not happy, either. >>reporter: he tried to call the speaker four times and boehner would not take the call as it was apparent the bill would not get to the floor for a vote. he says the two talks today but they still do not have a "credible explanation" for what happened. here is what the governor had to say. >> this atmosphere now, everything is a possibility, potential piece of bait for the political gain. it is why the american people hate congress. >>reporter: ouch. lawmaker whose objected to the quick vote say the senate measure was full of pork, including $600
. >> republicans in congress brought the house to a new low last night. >>gregg: it is really bad. new york republican congressman peter king, whom you just heard, says house of representatives speaker boehner and house majority leader are not on speaking terms but both aides down play the divide. the two are scheduled to meet with members of the new york and new jersey delegation on sandy aid. congressman cantor says he will be there. moments ago, shannon, new jersey republican...
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not even close in fact president obama spoke in very harsh words to congress last night about paying its bills. on time did avoid a tax increase on the employed not really it might have raised only taxes on the people making four hundred fifty thousand dollars or more but it did not address the payroll tax increases at all meaning that seventy seven percent of americans will be paying more in federal taxes come two thousand and thirteen and if you make about fifty thousand dollars a year just for an example you can expect to see your taxes increase by about a thousand dollars so despite the fact that congress is breathing a sigh of relief today things are as desperate as ever the u.s. could still end up going over the fiscal cliff after all so to talk more about this and more was max wolff senior analyst at green capital and professor at the new school he joined me earlier and started off by talking about the successes and failures on congress's part. i think i would liken it to the following congress took the u.s. government the u.s. economy hostage and they let their hostage go abo
not even close in fact president obama spoke in very harsh words to congress last night about paying its bills. on time did avoid a tax increase on the employed not really it might have raised only taxes on the people making four hundred fifty thousand dollars or more but it did not address the payroll tax increases at all meaning that seventy seven percent of americans will be paying more in federal taxes come two thousand and thirteen and if you make about fifty thousand dollars a year just...
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and asking congress to hold that vote today. so stay tuned, we'll find out if there's reaction from congress. glucerna hunger smart shakes.s they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. [ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. [ male announcer ] glucerna hunger smart. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. >>> so did you think after coming off an election year, you would have a chance to exhale? think against. there's three more -- we've joined to talk about his favorite five. it's so tough, break it down. >>> the coming
and asking congress to hold that vote today. so stay tuned, we'll find out if there's reaction from congress. glucerna hunger smart shakes.s they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. [ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. [ male announcer ] glucerna hunger smart. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually...
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Jan 2, 2013
01/13
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KQED
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this was the moment of truth late last night, the first and new year's day vote in congress since the korean war 60 years ago. a vote on a compromise agreement that neither party loves. >> virtually no 1 believes that what we have before us tonight is a long-term solution. >> it reminds me of the jokes were used to have, where someone stops hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> in the end, house democrats were joined by enough republicans for the agreement to become law. as for the president to deliver on a campaign pledge, that the rich would pay more to help reduce the deficit. >> i will sign a law that raises taxes on the wealthiest 2% of americans wall preventing a middle-class tax hike for -- while preventing a middle-class tax hike. >> they have agreed that the wealthiest americans will pay more income tax. individuals earning more than $400,000 a year deep spending cuts of more than $100 billion have been delayed for two months which means there will be another round of haggling at the beginning of march. the u.s.
this was the moment of truth late last night, the first and new year's day vote in congress since the korean war 60 years ago. a vote on a compromise agreement that neither party loves. >> virtually no 1 believes that what we have before us tonight is a long-term solution. >> it reminds me of the jokes were used to have, where someone stops hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> in the end, house democrats were...
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Jan 2, 2013
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. >> reporter: just last night the president warned congress that he won't negotiate on the debt limit. >> the one thing that i think hopefully in the new year we can focus on, is putting a package like this together with a little bit less drama, a little less, and not scare the heck out of folks quite as much. >> reporter: but, with the sequester and other big spending issues like medicare on the table, striking a deal this year won't be easy. >> this is the best opportunity that we're going to have to save our nation and do those things that we have to put in play. >> reporter: but there's not much hope for a sweeping deal this year. >> my suspicion is that we will you know, kick the can down the road on whatever we do in february or march, and it may be for a year, it may be for two years, but we'll be coming back to deal with issues like this in the near-term. >> reporter: the investment market isn't putting much pressure on lawmakers to forge a long-term solution for the nation's fiscal troubles, and some fear that could mean a real fix is still very far away. >> the good news is
. >> reporter: just last night the president warned congress that he won't negotiate on the debt limit. >> the one thing that i think hopefully in the new year we can focus on, is putting a package like this together with a little bit less drama, a little less, and not scare the heck out of folks quite as much. >> reporter: but, with the sequester and other big spending issues like medicare on the table, striking a deal this year won't be easy. >> this is the best...
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Jan 2, 2013
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WMAR
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but last night congress sent president obama a deal on the fiscal cliff. after months of drama and some tense last-minute negotiations, congress finally passed legislation to avoid the fiscal cliff. after the vote, a rare late-night statement from president obama. >> under this law, more than 98% of americans and 97% of small businesses will not see their income taxes go up. >> reporter: lawmakers completely blew their deadline. they didn't get the grand bargain both parties claimed was their ultimate goal. both democrats and republicans gave themselves credit for getting something done. >> this is a very, very strong first step. >> this is an important one. this is a critical one for the future of the country. >> reporter: there was considerable hand ringing among republicans about a lack of spending cuts. some wanted to add them in, but ultimately there wasn't enough votes to get it passed. this fiscal cliff deal, which passed the senate with overwhelming bipartisan support would extend tax cuts for all workers earning less than $400,000 a year, prevent
but last night congress sent president obama a deal on the fiscal cliff. after months of drama and some tense last-minute negotiations, congress finally passed legislation to avoid the fiscal cliff. after the vote, a rare late-night statement from president obama. >> under this law, more than 98% of americans and 97% of small businesses will not see their income taxes go up. >> reporter: lawmakers completely blew their deadline. they didn't get the grand bargain both parties claimed...
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we are going to look back on this night and regret it. >> a day late and $4 trillion short. the fiscal cliff debate began 519 days ago when congress gave itself a deadline to address the ballooning debt and deficit. but according to the congressional budget office, the bill cut last night adds nearly $4 trillion to the deficit. the price tag of not letting all the bush tax cuts expire as scheduled. but while this bill does preserve tax cuts for the vast majority of americans, it doesn't mean most people won't see their taxes go up. in 2011, approaching the new year the white house pushed this campaign, #40. that's how much the average american would see pulled from their paycheck if congress didn't renew the payroll tax cut. yesterday, in the dark of night and without a sound, that tax cut expired, enacting a 2% tax hike on all earnings subject to the payroll tax. the non-partisan tax policy center estimates 160 million americans will take this hit, with the average family paying an extra $1,000 a year. so in the lead up to last night's vote, neither side was pushing #40doll
we are going to look back on this night and regret it. >> a day late and $4 trillion short. the fiscal cliff debate began 519 days ago when congress gave itself a deadline to address the ballooning debt and deficit. but according to the congressional budget office, the bill cut last night adds nearly $4 trillion to the deficit. the price tag of not letting all the bush tax cuts expire as scheduled. but while this bill does preserve tax cuts for the vast majority of americans, it doesn't...
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Jan 2, 2013
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after weeks of negotiations and last-minute hold-ups over the fiscal cliff, congress late last night finally passed an agreement on taxes and spending. in a moment, we'll tell you what that legislation means for every american. but it's what the house did not do last night that caused an uproar today. lawmakers left before considering a bill to help victims of superstorm sandy, and that had republicans from hard-hit states taking aim at leaders of their own party. nbc's kelly o'donnell is at her post on capitol hill once again tonight. kelly, good evening. >> reporter: good evening, kate. so the house had not taken any kind of vote on a new year's day in nearly 60 years. and when they did so, they got that tax deal done, but only minutes later, a new controversy popped up, over government spending. and it spread through here furiously, and with real impact. new york and new jersey got angry and got action over emergency funding that was being delayed. it was a midnight surprise. >> the ayes have it, accordingly, the house stands ayoured. >> reporter: boos and jeres erupted. when help
after weeks of negotiations and last-minute hold-ups over the fiscal cliff, congress late last night finally passed an agreement on taxes and spending. in a moment, we'll tell you what that legislation means for every american. but it's what the house did not do last night that caused an uproar today. lawmakers left before considering a bill to help victims of superstorm sandy, and that had republicans from hard-hit states taking aim at leaders of their own party. nbc's kelly o'donnell is at...
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. >> a surge on wall street after congress finally reached a fiscal deal late tuesday night. on this thursday in trading of the new year, the dow jones jumped more than 200 points. >> this lot is just one step in the broader effort to strengthen our economy and broaden opportunities for everybody. >> the measure now headed to the president's desk and will prevent income tax increases and workers -- on workers earning less than $400,000 year-end extend unemployment benefits. but the bill does not include a speextending the social security tax cut. workers will now pay to% more in social security taxes. >> what we are really doing is raising taxes to give the president or money to spend. we think that's a bad idea. >> are members on the hill say that this was not a perfect or permanent fix but they're glad a deal is done. others say this is just the beginning of tackling the fiscal problems. a virginia congressman, jim moran, one of 16 democrats who did not vote for the bill. he says this year will see a dramatically shrinking government. >> this is a new day and it's not a bri
. >> a surge on wall street after congress finally reached a fiscal deal late tuesday night. on this thursday in trading of the new year, the dow jones jumped more than 200 points. >> this lot is just one step in the broader effort to strengthen our economy and broaden opportunities for everybody. >> the measure now headed to the president's desk and will prevent income tax increases and workers -- on workers earning less than $400,000 year-end extend unemployment benefits....
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but this night as we end the 112th congress, as we have strived mightily to come to an agreement with great difficulty and realizing that all of us have very strong feelings i severely regret that this is not a big, bold, balanced plan. >> i yield two minutes to the gentleman. >> the gentleman recognized for an additional two minutes. >> i recognize this is not a big, bold and balanced plan. we had an opportunity to reach such an agreement. n. a bipartisan fashion. and we will not reach a big bold and balanced plan without bipartisanship because the decisions we will have to make will be too difficult. not to be done in a bipartisan fashion. but this night we take a step. a positive step. and the people watching us, mr. speaker, on television tonight and reading about their congress tomorrow and seeing that we were able to act. not perfectly. but in a bipartisan fashion to try to take a step towards fiscal responsibility, fiscal stability, and, yes, caring for those who most need our help in this country. and so i urge my colleagues as the leader of my party in this congress you restr
but this night as we end the 112th congress, as we have strived mightily to come to an agreement with great difficulty and realizing that all of us have very strong feelings i severely regret that this is not a big, bold, balanced plan. >> i yield two minutes to the gentleman. >> the gentleman recognized for an additional two minutes. >> i recognize this is not a big, bold and balanced plan. we had an opportunity to reach such an agreement. n. a bipartisan fashion. and we will...
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stocks kick off the year on a high note thanks in last part to last night's 11th-hour tax deal in congress. checking with bertha coombs for today's leaders and laggards. >> bill, a day for notable milestones. the dow starting the year up over 2% for only the tenth time in 100 years, the nasdaq's best one-day gain in over 15 months, the s&p starting the year with a sizable gain for the fifth straight year. that's never happened and the russell 2000 hitting a new all-time high. zipcar was the russell's biggest percentage gainer on a $500 million cash deal to be acquired by avis which today hit a five-year high on that deal. on the s&p, u.s. steel the biggest peersage gainer on an upgrade from credit suisse and metlife seeing big cliff relief rallies today. j.c. penney bucking the trend in new year starting the year with a bick bounce after losing 40%, alexion and other biotechs rallying and consol energy and natural gas players among today's decliners with forecasts calling for warmer weather ahead. kohl's and other retailers lower after likely disappointing sales. and emc, disappointing fou
stocks kick off the year on a high note thanks in last part to last night's 11th-hour tax deal in congress. checking with bertha coombs for today's leaders and laggards. >> bill, a day for notable milestones. the dow starting the year up over 2% for only the tenth time in 100 years, the nasdaq's best one-day gain in over 15 months, the s&p starting the year with a sizable gain for the fifth straight year. that's never happened and the russell 2000 hitting a new all-time high. zipcar...
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we need to look back on this night and regret it. >> reporter: but this night we take a step. a positive step. the people watching us mr. speaker on television tonight, and reading about their congress tomorrow and seeing that we were able to act, not perfectly, but in a bipartisan fashion to try to take a step towards fiscal responsibility, fiscal stability, and yes, caring for those who most need our help in this country. >> reporter: it is somehow appropriate that on january 1 the year begins with a fight over the budget. it is going to happen three more times between now and the end of march and those fights will be as difficult as this one. anita? >> thank you. >>> so what does it mean for your taxes, your paychecks, and in the end your wallets? they join us to break it down. >> there is virtually no one that is not affected. not you, not me. all of our viewers were all affected to get the markets opened tomorrow is no coincidence. and there is just one thing that will make a difference between losing and gaining a couple of hundred points on the dow. remember this word t
we need to look back on this night and regret it. >> reporter: but this night we take a step. a positive step. the people watching us mr. speaker on television tonight, and reading about their congress tomorrow and seeing that we were able to act, not perfectly, but in a bipartisan fashion to try to take a step towards fiscal responsibility, fiscal stability, and yes, caring for those who most need our help in this country. >> reporter: it is somehow appropriate that on january 1...
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here we are on new year's night, the clock running out on the very existence of this congress. finally, considering bipartisan legislation to provide middle- class tax cuts rand require the wealthiest once again pay their fair share so we can grow the economy, create jobs, and protect the most vulnerable in our society. it is indeed well past time that we got about the people's business. i served on the group of both republican and democratic representatives and senators who worked with the vice president on our nation's fiscal issues. we made good progress in those talks until our republican friends walked away, fearing the wrath of the tea party. i also served in the bipartisan joint select committee on deficit reduction, the so-called super committee, that spend countless hours discussing these issues in detail. it was very clear -- the elements of a fair and balanced fiscal plan were achievable. but at the end of the process, the republican leaders refuse to compromise and the super committee failed. so here we are. well this is not a perfect bill, and i have serious concer
here we are on new year's night, the clock running out on the very existence of this congress. finally, considering bipartisan legislation to provide middle- class tax cuts rand require the wealthiest once again pay their fair share so we can grow the economy, create jobs, and protect the most vulnerable in our society. it is indeed well past time that we got about the people's business. i served on the group of both republican and democratic representatives and senators who worked with the...
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late last night the congress and white house hammered out a deal. the house of representatives passed a senate bill that protects 99% of americans from an income tax hike. >> a central premise of my campaign was to change the tax code. that was too skewed toward the wealthy at the expense of working middle class americans. tonight we done have that >> president obama is right now as we speaking flying back to hawaii. he's resuming the family vacation he cut short in order to deal with that fiscal cliff. here are some of the details of the fiscal cliff deal that was passed last night. a perm extension of previous tax cut for all taxpayers expect for individuals that make $400,000 a year or couples that make more than $450,000. the bill continues unemployment benefits for long-term jobless. and postpones a decision on controversial spending cuts for two months. even though congress acted to avert income tax hikes on most americans, your paycheck will still shrink in 2013. ktvu janine de la vega is in san jose right now to explain about the end of the
late last night the congress and white house hammered out a deal. the house of representatives passed a senate bill that protects 99% of americans from an income tax hike. >> a central premise of my campaign was to change the tax code. that was too skewed toward the wealthy at the expense of working middle class americans. tonight we done have that >> president obama is right now as we speaking flying back to hawaii. he's resuming the family vacation he cut short in order to deal...
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last night. will the same happen on wall street? we're going to go to live -- going to go live to fox business network in new york. >>> and you can buy a stamp celebrating the emancipation proclamation. the limited-edition stamp is one of civil rights stamps which will be released in 2013. >>> it's now 6:20. we'll be back. amazing. right? yeah. next one's on you. yeah, okay. introducing dunkin's new turkey sausage breakfast sandwich. the surprisingly great taste of turkey sausage on a pepper-fried egg with under 400 calories. try it, you'll like it. america runs on dunkin'. hurry in for dunkin's new turkey sausage breakfast sandwich today! >>> welcome back to fox 5 morning news. >>> it's back to work today on wall street. so the question is how will the stock market respond to the news of the fiscal cliff deal? lauren simonetti with fox business work is live. good morning tou, lauren. i haven't seen you since last year. >>reporter: oh, yes, it's been a while. good morning. happy
last night. will the same happen on wall street? we're going to go to live -- going to go live to fox business network in new york. >>> and you can buy a stamp celebrating the emancipation proclamation. the limited-edition stamp is one of civil rights stamps which will be released in 2013. >>> it's now 6:20. we'll be back. amazing. right? yeah. next one's on you. yeah, okay. introducing dunkin's new turkey sausage breakfast sandwich. the surprisingly great...
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this was the moment of truth late last night, the first and new year's day vote in congress since the korean war 60 years ago. a vote on a compromise agreement that neither party loves. >> virtually no 1 believes that what we have before us tonight is a long-term solution. >> it reminds me of the jokes were used to have, where someone stops hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> in the end, house democrats were joined by enough republicans for the agreement to become law. as for the president to deliver on a campaign pledge, that the rich would pay more to help reduce the deficit. >> i will sign a law that raises taxes on the wealthiest 2% of americans wall preventing a middle-class tax hikett for -- while preventing a middle-class tax hike. >> they have agreed that the wealthiest americans will pay more income tax. individuals earning more than $400,000 a year deep spending cuts of more than $100 billion have been delayed for two months which means there will be another round of haggling at the beginning of march. the u.s
this was the moment of truth late last night, the first and new year's day vote in congress since the korean war 60 years ago. a vote on a compromise agreement that neither party loves. >> virtually no 1 believes that what we have before us tonight is a long-term solution. >> it reminds me of the jokes were used to have, where someone stops hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> in the end, house democrats were...
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the vote was abruptly pulled back by speaker boehner last night delaying the bill until the 113th congress which convenes tomorrow. gop leadership apparently determined the house shouldn't even try for $60.4 billion in new spending on a night it added $4 trillion to the deficit. and congressman king is not the only one outraged that politics took precedence over people. >> republicans in congress brought this house to a new low last night. >> we're all hit hard enough with the recession. on top of that now we have to deal with the anxiety and the failure of congress to act. >> talk to the people. look into their eyes. understand their needs. come walk with me, mr. speaker. >> this is time to stop debating and take the gloves off. jersey style. >> and speaking of jersey style, governor chris christie came out swinging this afternoon. >> shame on you. shame on congress. on a political chess board of internal palace intrigue politics, our people were played last night as a pawn. and that's why people hate washington, d.c. that's why they hate this politics. last night it was my party responsi
the vote was abruptly pulled back by speaker boehner last night delaying the bill until the 113th congress which convenes tomorrow. gop leadership apparently determined the house shouldn't even try for $60.4 billion in new spending on a night it added $4 trillion to the deficit. and congressman king is not the only one outraged that politics took precedence over people. >> republicans in congress brought this house to a new low last night. >> we're all hit hard enough with the...
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late last night the house approved a bill to avoid the so- called fiscal cliff and the measure is now on its way to president obama for him to sign. >> if the president and congress fail to act, the billions of tax hikes and spending cuts were set to take effect this month. fox's lauren green has more. >> the yaes are 257, the nays are 167, the motion is adopted without objection a motion to reconsider is laid on the table. >>reporter: the republican- controlled house of representatives has moved to pass the fiscal cliff bill. >> the central premise of my campaign for president was to change the tax code that was too skewed toward the wealthy at the expense of working middle class americans. tonight we've done it. >>reporter: they dropped their demands for additional spending cuts, clearing the way for the vote, but not all were in full support of the deal. >> and the problem is we set up three nor fiscal cliffs. we're going to have to deal with the debt ceiling, we're going to have to deal with the continuing resolution expiration and we'll have to deal with the sequester and all tha
late last night the house approved a bill to avoid the so- called fiscal cliff and the measure is now on its way to president obama for him to sign. >> if the president and congress fail to act, the billions of tax hikes and spending cuts were set to take effect this month. fox's lauren green has more. >> the yaes are 257, the nays are 167, the motion is adopted without objection a motion to reconsider is laid on the table. >>reporter: the republican- controlled house of...
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the house approved a bill just before 11:00 last night sending it to the president for his signature. >> the deal keeps the bush era tax cuts for 99% of americans. it also delays the spending cuts for two months so the new congress can address the issue when they come in in the coming months. danielle nottingham has more. >> the motion is adopted. >> reporter: the house of representatives passed the senate fiscal cliff bill that will cancel tax hikes for most americans and delay spending cuts. the legislation heads to president obama for his signature. he spoke after the house vote. >> under this law 98% of americans and 97% of small businesses will not see their income taxes go up. >> reporter: the approval of the bill by a margin of 257-167 is a political victory for the president that comes one day after the fiscal cliff deadline. it includes an extension of unemployment benefits for about two million americans. >> this is a great victory for the middle classes who taxes will not go up tomorrow. >> mr. speaker, i'd like to be speaking for this bill but i can't. >> reporter: earlier
the house approved a bill just before 11:00 last night sending it to the president for his signature. >> the deal keeps the bush era tax cuts for 99% of americans. it also delays the spending cuts for two months so the new congress can address the issue when they come in in the coming months. danielle nottingham has more. >> the motion is adopted. >> reporter: the house of representatives passed the senate fiscal cliff bill that will cancel tax hikes for most americans and...
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host: legislation that passed the house last night presents $900 automatic pay hike for members of congress. that's from the huffing post. guest: the president tried to give it to us. we didn't know he can do that. congress gets a raise every single year automatically unless it votes not to. we have vote, properly so not to give ourselves those automatic raises and we have not received those raises. the president said he want to give it to us. we didn't they he could do that. evidently he could. we worked out a separate bill and part of the compromise last night is for us not to take that. host: let's hear from michael. caller: good morning. congressman mulvaney, i agree with much of what you say and think everyone does. i think the great trick, great fraud that's been perpetrated on the american people is the ability to wealthy corporation to convert tax money into personal money. the way that work is through war. war is a massive fraud, from my perspective. we didn't have to invade iraq. don't have to be in afghanistan. i agree with you that it's time to bring the troops home but it was t
host: legislation that passed the house last night presents $900 automatic pay hike for members of congress. that's from the huffing post. guest: the president tried to give it to us. we didn't know he can do that. congress gets a raise every single year automatically unless it votes not to. we have vote, properly so not to give ourselves those automatic raises and we have not received those raises. the president said he want to give it to us. we didn't they he could do that. evidently he...
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last night, republicans understand the senate is unlikely to even consider those changes. >> we are breaking up to go vote in just a moment on otherments. we do expect to vote on this later tonight. >> and what have the amendments, fiical cliff bill taking shape? what are the, size of the cuts you're looking for, where do they come from? >> we're just luking at one possible amendment. and they are going to decide after doing a little bit of discussion among members whether or not to bring it up. >> do you sport that test. >> huh? >> do you support that test? >> personally feel the senate will probably just ignore it as they did a year ago on the payroll situation. and that we'll still be back here. basically dealing with the underlying bill which is the senate version? >> do you have a chance for up-or-down vote on unamended version of the bill? >> yes. i think that will be tonight. >> do you think that will ultimately get past the republican caucus, do you have any feel? >> i don't. >> diana, it is now official in the last couple seconds now the senate and house, excuse me the hous
last night, republicans understand the senate is unlikely to even consider those changes. >> we are breaking up to go vote in just a moment on otherments. we do expect to vote on this later tonight. >> and what have the amendments, fiical cliff bill taking shape? what are the, size of the cuts you're looking for, where do they come from? >> we're just luking at one possible amendment. and they are going to decide after doing a little bit of discussion among members whether or...
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. >> congress has nearly avoided a fiscal cliff. the republican-led house of representatives agreed on a compromise late last night. if less than 24 hours after the deal was passed by the senate. if the final house vote was 257 to 167, with 85 republicans joining democrats. the vote capped off weeks of back and forth between chambers. president obama praised the compromise, saying that he does not want a repeat of the bickering in future negotiations. >> the bill case and come taxes the same for everyone except individuals making $400,000 a year or more. it also delays automatic spending cuts in defense and government programs for two months. it extends long term unemployment benefits that were set to expire. the measure head to president obama, who has promised to sign it. he left immediately after commending on of the house vote, to rejoin his family in hawaii. >> our coverage of this fiscal cliff agreement will continue throughout the morning. essex 30 a.m. we will carry opening bell alive, as a big rally is expected after the de
. >> congress has nearly avoided a fiscal cliff. the republican-led house of representatives agreed on a compromise late last night. if less than 24 hours after the deal was passed by the senate. if the final house vote was 257 to 167, with 85 republicans joining democrats. the vote capped off weeks of back and forth between chambers. president obama praised the compromise, saying that he does not want a repeat of the bickering in future negotiations. >> the bill case and come taxes...
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. >> now i am dismayed and really saddened that the house of representatives walked away last night, didn't even touch this after we spent so much time here on the floor doing something to help the beleaguered part of our country. >> reporter: republican congressman peter king who represents part of long island called it a disgrace and blasted leaders of his own party. >> we cannot believe that this cruel knife in the back was delivered to our region. >> reporter: the president called for immediate action saying when tragedy strikes, americans come together to support those in need. i urge republicans in the house of representatives to do the same. house speaker john boehner said he will make the sandy aid package a top priority in the new congress, a new congress sworn in thursday which means it's back to square one when it comes to drafting this sandy recovery legislation. i'm tory dunnan reporting. >> speaker boehner says he will schedule two votes on aid, one for this friday and a second for january 15th. >>> the lack of action on sandy relief and the last minute nature of the fi
. >> now i am dismayed and really saddened that the house of representatives walked away last night, didn't even touch this after we spent so much time here on the floor doing something to help the beleaguered part of our country. >> reporter: republican congressman peter king who represents part of long island called it a disgrace and blasted leaders of his own party. >> we cannot believe that this cruel knife in the back was delivered to our region. >> reporter: the...
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, one member said no one should keep their job in congress. you are steaming mad. why? >>guest: look what happened. the freshmen congressmen are paid $180,000 a year! off of our back, off of america's back and we work until april 17 to pay all of the taxes and all of the spending these guys do and they do nothing. they do nothing to stop the real problem. they talk about taxes when taxes are irrelevant. you have said this and i agree the problems are systematic. they belong in the spending. we need real change. when i lose weight i put it off tomorrow, i will start tomorrow, tomorrow, tomorrow, these people >>neil: i try never to start because that process is ahead of time, very, very frustrating. >>guest: you would do well in congress. that is the mentality. put off what is hard and put off doing what is right at the expense of a political gain. >>neil: they are not penalized. that bothers me. i cast blame on both parties. they had a chance under the threat of this fiscal suicide, to do something brave and they didn't. i think if they didn't
, one member said no one should keep their job in congress. you are steaming mad. why? >>guest: look what happened. the freshmen congressmen are paid $180,000 a year! off of our back, off of america's back and we work until april 17 to pay all of the taxes and all of the spending these guys do and they do nothing. they do nothing to stop the real problem. they talk about taxes when taxes are irrelevant. you have said this and i agree the problems are systematic. they belong in the...
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. >> the drama is over -- congress has finally passed a fiscal deal. it was a long night for both sides but the house republicans decided to vote on that senate bill. the president signed off on a and said it will pass into law but many say this is not the end of the fiscal issues in 2013. >> parents at one montgomery county elementary school are asking for more security at the school. that story and more coming up this our. >> it is four days until the big game and excitement is growing each day and so are the ticket prices. redskins fans say they are willing to pay. it has been 13 years since a playoff game was played at fedex field. >> good morning to you washington. >> let's get a quick check on the forecast. >> it is a pretty decent day overall. we are very cloudy this morning but that is keeping the temperatures up. there is a wintry mix into southern maryland but that will push out shortly and the skies will clear out throughout the day. 36 degrees in washington and 34 at dulles and 30 in frederick. the temperatures are not moving a whole lot. h
. >> the drama is over -- congress has finally passed a fiscal deal. it was a long night for both sides but the house republicans decided to vote on that senate bill. the president signed off on a and said it will pass into law but many say this is not the end of the fiscal issues in 2013. >> parents at one montgomery county elementary school are asking for more security at the school. that story and more coming up this our. >> it is four days until the big game and excitement...
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the house approved a bill last night and the senate approved a bill tuesday morning. but the bipartisan bickering continues. after passing the bill, one very important piece of legislation was not touched -- a $60 billion aid package for victims of super stormed sandy. the house agree to hold a vote by january 15 but it comes one day after finger-pointing and outrage from lawmakers. >> it is a lashing and tough- talking chris christie is known for only the time it is a fellow republican his railing against. >> i called the speaker four times last night after 11:20 and he did not take my calls. >> publicly bashing john boehner, chris christie and others from the hard-hit areas of new york and new jersey did not hold back of the house's failure to vote on the sandy relief package last night. >> we cannot believe this knife in the back was delivered to our region. >> the legislation to help the areas still in ruins failed through the senate last -- sailed through the senate last week. but after last night, the house adjourned leaving the bill and thousands of displaced r
the house approved a bill last night and the senate approved a bill tuesday morning. but the bipartisan bickering continues. after passing the bill, one very important piece of legislation was not touched -- a $60 billion aid package for victims of super stormed sandy. the house agree to hold a vote by january 15 but it comes one day after finger-pointing and outrage from lawmakers. >> it is a lashing and tough- talking chris christie is known for only the time it is a fellow republican...
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reached last night. of course, you also need to add about 4% more if you make above $250,000 thanks to the health care law. still that's viewed as a favorable outcome for those dividend dash paying stocks because the fear was -- >> 40%. >> it was going to go to 40%. eff cox says t note our own dividend-paying stocks may pose some of dangers investors are missing regardless of that friendly tax rate. even as ryan lorenza, our u.s. extis strategy for tds thinks dividend stocks will pay off. jeff, why are you concerned? >> let me talk about a couple of issues. the one you is guys talked about before. we are in the early innings of this whole fiscal cliff mess and the sequestration and what not. it's going to create a lot of volatility in the market. dividend stocks underperformed last year only with a 5% return. i think they will underperform this year. second point is that we saw in december a lot of special dividend issues happening. i think that was sort of a pull forward kind of demand, and they didn't
reached last night. of course, you also need to add about 4% more if you make above $250,000 thanks to the health care law. still that's viewed as a favorable outcome for those dividend dash paying stocks because the fear was -- >> 40%. >> it was going to go to 40%. eff cox says t note our own dividend-paying stocks may pose some of dangers investors are missing regardless of that friendly tax rate. even as ryan lorenza, our u.s. extis strategy for tds thinks dividend stocks will...
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amounts or the night your tax 20% on capital gains and dividends. permanently middle-class americans, tens of millions of fans won't have to pay the alternative minimum tax. the congress does this every year. they permanently decided to do what is called patching the amt. doctors are set to get a massive cut in their payments if they treat medicare payments. they decided to sell that back in for another year. this also turns off the sequester, the $94 billion in automatic spending cuts that are supposed to begin right now basically over the next year. they have turned off the first two months of those with some of the tax increase money and some smaller spending cuts throughout the budget. that is basically the idea of this entire proposal and it extends the research and development tax credit and some of the other business tax credit. it all goes basically through now to the president who has signaled he is going to sign this and will sign it and it will become law. it's a much smaller deal than what a number of folks wanted and the increase of the
amounts or the night your tax 20% on capital gains and dividends. permanently middle-class americans, tens of millions of fans won't have to pay the alternative minimum tax. the congress does this every year. they permanently decided to do what is called patching the amt. doctors are set to get a massive cut in their payments if they treat medicare payments. they decided to sell that back in for another year. this also turns off the sequester, the $94 billion in automatic spending cuts that are...
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, after a late night of final suspense on the fiscal cliff legislation. it gave the president much of what he wanted on taxes, and left republicans sharply divided. for president obama, the end-- for now-- of the washington budget drama, meant returning to hawaii today to resume his holiday vacation. but last night, before leaving, he welcomed house approval of the fiscal cliff bill. >> a central promise of my campaign for president was to change the tax code that was too skewed towards the wealthy at the expense of working middle- class americans. tonight, we've done that. >> reporter: the final vote in the house was 257 to 167 on a bill the senate had already approved, it capped days of intense negotiations. the provisions will affect nearly all taxpayers. for individuals making at least $400,000 and couples making $450,000-- income tax rates will go up-- from the current 35% to more than 39%. for that same group, dividend and capital gains taxes will also rise to 20%, from 15%. and all income groups get hit by the expiration of a payroll tax break. it'
, after a late night of final suspense on the fiscal cliff legislation. it gave the president much of what he wanted on taxes, and left republicans sharply divided. for president obama, the end-- for now-- of the washington budget drama, meant returning to hawaii today to resume his holiday vacation. but last night, before leaving, he welcomed house approval of the fiscal cliff bill. >> a central promise of my campaign for president was to change the tax code that was too skewed towards...
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173
Jan 2, 2013
01/13
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FOXNEWSW
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. >> in the last night tore the last two days of a congress to say that two months from now a new congress s going to do what we are not doing here today is not something i can bring myself to do. i would like to vote for this because i do vote for lower taxes. i want americans to have lower taxes. but the other day in conference one of my colleagues pointed out that if in fact you are spending the money you are taxing our future generation. we are taxing $1.2 trillion next year. we are taxing $1.2 trillion. we won't collect it. but we are taxing $1.2 trillion of deficit. the chairman of the committee of the ways and means committee mr. camp rightfully so said we are also not simplifying the tax code. we are not making it better or fairer. we are not getting rid of the nascar loophole. we are not getting rid of the electric motor scooter low speed lop hole. we are not getting rid of a whole lot of tax things that are here but most importantly we are not taking things that the president himself said he would be for like getting the calculation of change cpi of the consumer price index for s
. >> in the last night tore the last two days of a congress to say that two months from now a new congress s going to do what we are not doing here today is not something i can bring myself to do. i would like to vote for this because i do vote for lower taxes. i want americans to have lower taxes. but the other day in conference one of my colleagues pointed out that if in fact you are spending the money you are taxing our future generation. we are taxing $1.2 trillion next year. we are...
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85
Jan 2, 2013
01/13
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MSNBCW
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to avert this fiscal cliff, even though for most of the night it looked like it might not happen. >> the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> that was the president late last night. then he got on oo plane, headed back to hawaii where his family is on vacation. threw see air force i. it touched down just moments ago. >> the ayes have it. >> it was after 11 p.m. when the house finally voted, putting an end to 24 hours of wrangling. republicans threatened to send it back with an amendment, including spend being cuts. but in the end the politics of that didn't make sense. so the bill passed, 257 for, 85 republicans, 172 democrats. speaker john boehner was one of those yes votes and he released this statement: now the focus turns to spending. the american people reelected a republican majority in the house and we will use it in 2013 to hold the president accountable for the balanced approach he promise
to avert this fiscal cliff, even though for most of the night it looked like it might not happen. >> the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> that was the president late last night. then he got on oo plane, headed back to hawaii where his family is on vacation. threw see air force i. it touched...
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Jan 2, 2013
01/13
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CNNW
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it almost had a happy ending last night and here we are again in a yet stupider situation than last night. >> that's exactly right. what's really mind-bogglingly dumb about this particular maneuver isn't just this sort of new year's day scramble to defuse the time bomb but two things in particular. one, house republicans saying that they want to add spending cuts on this, knowing in effect that if they add a spending amendment, they change this bill, it effectively kills the bill because members of the senate are already out of town. first, they gave up their right to amend a bill when they all went home for christmas last friday. they wanted to stay and fight and negotiate, well, that could have been done but they all took a long vacation. that's the first thing. second thing that's mind-bogglingly stupid about this particular situation is the fact that this is not a grand bargain. this is about a patch to get us over the fiscal cliff by dealing with taxes. supposedly republicans' favorite thing. we have already baked in the fact that we kicked the can to a new fiscal cliff at the
it almost had a happy ending last night and here we are again in a yet stupider situation than last night. >> that's exactly right. what's really mind-bogglingly dumb about this particular maneuver isn't just this sort of new year's day scramble to defuse the time bomb but two things in particular. one, house republicans saying that they want to add spending cuts on this, knowing in effect that if they add a spending amendment, they change this bill, it effectively kills the bill because...